Greece Meets China
Greece is continuing to expand its trade and investment ties with China, participating in China’s first-ever international import exhibition in November. According to estimates, China – the world’s biggest and fastest growing consumer market – will import an additional $40 trillion worth of goods over the next 15 years.
This makes the Chinese market a high priority for Greek exporters. Currently, Greek exports to the country are modest: totaling $420 million in 2017. But that figure represented a 51.7% increase over one year earlier.
In the last decade, Chinese investment in Greece has been growing, starting with the investment in the Piraeus Port container operations by Chinese shipping giant Cosco. Since then, Cosco has announced investment plans for the rest of the port as well. More recently, the China Energy Investment Corporation signed an agreement with the Copelouzos Group to enter the Greek energy market.
Individual Chinese have also been flocking to Greece: both as tourists and as investors. Chinese purchased €258 million worth of Greek real estate in 2017, according to Chinese real estate portal Juwai, and have increased further since.
News in brief
The European Commission has raised its forecast for Greek economic growth to 2.0% this year, up from 1.9% previously. In its latest autumn economic forecasts, it sees growth of between 2.0% and 2.3% next year, depending on two different policy scenarios.
Greek exports during the first nine months of 2018 rose by €3.49 billion (16.8%) from a year earlier to €24.7 billion, according to the latest data from Elstat, the Greek statistics service. The nine month figures confirm that Greek exports are on track to set another record this year.
The City of Athens has been named European Capital of Innovation for 2018 by the European Commission, along with a €1 million prize. The city was awarded the prize for its innovative, hi-tech programs and services, as well as for its efforts to promote education, culture and tourism.
Enterprise Greece is evaluating four new strategic investments that will bring in approximately €1 billion in fresh investment and create 3,000 new jobs, Chairman and CEO Grigoris Stergioulis said in a newspaper interview. Within the next six months, three other strategic investment projects will be launched and another three by the end of 2019.
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